Registration of an offshore in the Seychelles in 2021

Registration of an offshore company in Seychelles in 2021 is relevant, as such companies are exempt from tax. You only need to pay a fixed fee once a year. If a business was registered as a resident of the country, taxes are charged at the rate of 1.5% on net profits.

Features of registering a company

There are some nuances of opening an offshore in Seychelles in 2021. Such activity is not subject to currency control. Euro, rubles, and other types of finance can be used in payment operations.

The main type of company, which is the most popular when registering a company in Seychelles in 2021, is an international business company, or IBC. In addition, it is possible to open the following legal entities:

• Financial organizations;
• Investment funds;
• Insurance companies.

Confidentiality is guaranteed on the islands. Regulation of all non-resident structures is based on an act created in 2004. The last adjustments were made in the fall of 2018 and came into force in early 2019.

According to the act, the company may not engage the local audience in the purchase of their own goods. There is an opportunity to work only with non-residents. It is not possible to acquire ownership of real estate assets or other business. An IBC-type company is not allowed to carry out banking or insurance activities, as this requires opening an organization in another legal form, obtaining an additional permit.

Requirements and documents

To register a company, you must submit a unique name that does not resemble the current names of other companies. If the name is formed in an unofficial language of jurisdiction, translation is required.

At least one director and a shareholder are needed to establish a company. Learn more about the features of registration and get answers to your questions from our specialists at IT-OFFSHORE.

To start a business, you need to obtain a registration certificate, draw up a Memorandum and Articles of Association, Share Certificate, Share Distribution Decision, and an Apostille Set of Constituent Documents.

You can register a business from scratch or open a ready-made company. The process  requires a local registered office and a registered agent. The vocabulary related to banking, government, insurance, etc. may not be used without proper authorization.

Nuances of taxation

Offshore companies are not required to pay value-added tax, there is no need to pay the profit rate if the conditions are met. There is no tariff for capital gains, no need to pay tax at source and no currency control. There is no stamp duty.

There are reporting requirements. There is no open access to the reports. Several countries have signed an agreement with jurisdiction on avoidance of double taxation, therefore, there is a possibility of legal optimization of tax payment.